本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【钢材产量、库存和需求数据变动，钢价短期波动大】根据钢联周度数据，螺纹钢产量下降0.73万吨， 至220.45万吨；热卷产量上升0.7万吨，至315.59万吨；五大材总产量上升2.42万吨，至871.63万吨。 螺 纹钢总库存上升30.51万吨，至587.19万吨；热卷总库存上升0.84万吨，至357.47万吨；五大材总库存上 升40.61万吨，至1415.97万吨。 螺纹钢表观需求量下降20.85万吨，至189.94万吨；热卷表观需求量上升 8.54万吨，至314.75万吨；五大材表观需求量下降14.72万吨，至831.02万吨。 本周，唐山87条型钢生产 线中，实际开工产线为31条，整体开工率52.54%，较上周上升10.17%；产能利用率为48.34%，较上周 上升6.82%。 原燃料下跌带动成材价格走低，五大材库存快速累积、表需下降，使钢价白天盘表现偏 弱。螺纹钢周度基本面弱于热卷，跌幅近2%，主力合约跌破3200。 下游偏弱情况短期难改善，市场短 期由宏观情绪主导，京津冀限产预期仍在。 观点认为，钢材市场短期波动较大，可逢回调试多。 后期 ...

Report Industry Investment Rating - No information provided Report's Core View - The industry is still in adjustment, and it is recommended to wait and see [4] Summary by Relevant Catalogs - **Production Data**: According to the weekly data of Steel Union, the output of rebar increased by 101200 tons to 2.2118 million tons, the output of hot-rolled coil decreased by 79000 tons to 3.1489 million tons, and the total output of the five major steel products increased by 17900 tons to 8.6921 million tons [3] - **Inventory Data**: The total inventory of rebar increased by 103900 tons to 5.5668 million tons, the total inventory of hot-rolled coil increased by 86800 tons to 3.5663 million tons, and the total inventory of the five major steel products increased by 234700 tons to 13.7536 million tons [3] - **Apparent Demand Data**: The apparent demand for rebar increased by 73800 tons to 2.1079 million tons, the apparent demand for hot-rolled coil decreased by 137900 tons to 3.0621 million tons, and the apparent demand for the five major steel products decreased by 62900 tons to 8.4574 million tons [3] - **Market Performance**: The finished steel rose first and then fell yesterday The increase in raw material prices supports steel prices from the cost side, and the anti-involution at the macro level still disturbs the black series The fundamentals are bearish mainly due to weak downstream demand that is difficult to reverse in the short term [3] - **Later Concerns**: Macro policies, supply-side production cuts, and downstream demand [4]

晨报 成材 成材：基本面正常 钢价整理 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 逻辑：根据钢联周度数据，螺纹钢产量上升 5.66 万吨至 217.84 万吨， 热卷产量上升 1.79 万吨至 327.24 万吨，五大次总产量上升 12.48 万吨至 880.99 万吨；螺纹钢总库存下降 2.07 万吨至 549 万吨，热卷总库存上升 0.99 万吨至 341.16 万吨，五大材总库存上升 1.14 万吨至 1340.03 万吨； 螺纹钢表观需求量上升 0.72 万吨至 219.91 万吨，热卷表观需求量下降 4.44 万吨至 326.25 万吨，五大材总表观需求量下降 4.33 万吨至 879.8 ...

钢材周度供需数据解读 2025/6/5 研究员: 冉宇蒙 从业资格号 F03144159 投资咨询号 Z0022199 需求季节性转弱,市场情绪偏悲观 需求：螺纹表需229.03万吨（-19.65）,同比-0.91%;热卷表需320.92万吨（-6.01）,同比-2.73%;五大材表需 882.17 万吨（-31.62）,同比-3.46W。 供给: 螺纹产量218.46万吨（-7.05）,同比-3.13%； 热卷产量328.75万吨（+9.2）,同比2.88%;五大材产量880.38万吨（-0.47）,同比-0.05%。 库存:螺纹库存570.48万吨（-10.57）,同比-1.82%;热卷库存340.64万吨（+7.83）,同比2.35%;五大材库存1363.81万吨（-1.79),同比-0.13%。 赌评。本周螺红需求季节性走弱。不过同比降幅投哀潮旺幸已经不明显。电炉目前普遍亏损，高炉利润也转弱，螺纹产量降幅较大，库存保持较大出他度。板材方面卸分格巷机机息产，供给进一步回升，表积则同样进入零节生转 弱阶段，库存低位小幅回升，压力尚可。冷轧和中厚低供需堆持高位。"抢出口"对制造业需求仍有一定支撑。不过从终端 ...